The return on investment with home remodeling projects is frequently a concern when planning upgrades and can top 80% or be only for your own enjoyment. Sometimes we overlook the enjoyment factor when looking only at return on investment. Remember, it's your home and should be, well, homey.
According to a recent article in RealtorMag, currently one of the best returns is on a new front door, topping 85% while a new deck returns only 77%. If you plan on listing in the near future then maybe the door makes the most sense but if you are not planning on moving soon which will produce the most enjoyment?
Another telling example is comparing new fiber cement siding, my personal favorite,at 79% ROI with a bathroom remodel at a mere 58%. I think a third factor comes into play here but, again, timing must be considered. The third factor is more offers, sooner. When a buyer looks at a house they expect to see it sided and that the siding is reasonably intact. Their home inspector will confirm that, as s/he will the fact that the bathroom and its appliances are functional. Which produces the bigger "Wow!" factor, even if not the bigger price?
ROI, return on investment is a major factor when viewing remodeling but it is not the only consideration. Think about your plans for the future, your family needs and enjoyment and your resources. Plan wisely and you may not get the biggest bang for the buck but achieve the best return on investment for you.
For further information on the return on investment with home remodeling projects, check out the RealtorMag article online at http://realtormag.realtor.org/home-and-design/cost-vs-value/article/2013/01/2012-13-cost-vs-value-make-first-impression-count?om_rid=AAKI6h&om_mid=_BRJorUB8w8W897&om_ntype=NARWeekly and choose wisely.
Mid-America Inspection Services, serving Fargo and West Fargo, North Dakota, Moorhead, Alexandria, Fergus Falls, Detroit Lakes, Wadena and the Minnesota Lakes Region